4 Surprising Facts about Student Loans

4 Surprising Facts about Student Loans
  • Opening Intro -

    If you're interested in higher education, you are likely acquainted with financial assistance loans from the US government and private lenders.

    Student loan intricacies can be a major headache, but there are also some less-known facts that you can take advantage of.

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Here are four surprising things you may not know about student loans.

Apply Early for a Chance at More Money

Though it’s best practice to only take out as much in loans as you need, a lot of people don’t realize that because the government awards student loans on a first-come, first-serve basis, you could actually get more by applying earlier.

You can submit the form as early as October 1st for the next calendar school year. If you submit early, you will also get your award offers sooner. There are plenty of advantages to not waiting until the June 30th deadline.

Get Funding for Studying Abroad

You might think you would have to use a student loan from the US government within the US, but that isn’t true. You can use your student loans for schools in different countries. Just make sure you follow the application process perfectly.

According to Studentaid.ed.gov, your application process will differ depending on the kind of program you are targeting, such as with study abroad vs. full degree programs. Your loan awards will also depend on if you are an undergraduate or a graduate student. Be sure to follow all FAFSA instructions to ensure you apply correctly.

Works for Some Surprising Programs

Most people know that you can use student loans for degree programs, but did you realize they can work for some continuing education and certification programs as well?

Continuing education loans for things like CDL training programs or web design certificates can be a bit different than your typical federal student loans. You will likely have to undergo a credit check, and get a Federal Direct PLUS Loan or private student loans. Be aware that the interest rate for these kind of loans tend to be higher than subsidized undergrad federal loans, though often you can still apply for income-based repayment plans.

other valuable tips:

You Can File a FAFSA in Under 30 Minutes

The process of getting into college or a certification program can feel intimidating and overwhelming. There is so much paperwork involved, and you need to have all your ducks in a row. But in reality, the FAFSA itself does not take that long to complete, and most people finish within half an hour.

You will need your tax return info, your FSA ID info to login to the FAFSA website, and a list of the schools you are applying to.

The higher education landscape can seem treacherous, but if you are armed with knowledge, you can take advantage of all the neat provisions. Go into this process with your eyes open and maximize your financial assistance and educational value.

Image Credit: Pixabay

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Categories: Student Loans